Zscaler, Inc. ZS

Technology SIC 7371 - Services-Computer Programming Services NAICS Professional, Scientific, and Technical Services › Computer Systems Design and Related Services › Custom Computer Programming Services derived Nasdaq

We are the cybersecurity platform for the AI era. We empower our customers with the cybersecurity solutions necessary to protect their enterprises, drive growth and outpace competitors where success depends on securely adopting the technologies required to operate and compete effectively in an AI world. We were founded in 2007, based on a vision that, with the broad adoption of SaaS applications, the internet would become the new corporate network, the cloud would become the new data center and perimeter-based security would fail to protect users, applications and data. As AI redefines how businesses operate, and powerful AI-enabled cyberthreats proliferate, enterprises must now adopt a zero trust approach to security. We deliver a comprehensive, cloud-native zero trust platform that minimizes the attack surface of an enterprise and eliminates lateral threat movement, enabling security at the scale and speed of AI. As a result, we believe we are the only cybersecurity platform capable of protecting enterprises in the most complex and consequential threat landscape in history.

Last close 255.15 2026-10-23
Market cap $41.60B 2026-07-31 share count
52-week range 114.62 - 336.99

Valuation FY2026 figures against the last close

P/S12.4x
P/E—
P/FCF48.8x
EV/EBITDA2,723.3x
Dividend yield—
Diluted EPS-0.39

Annual financial statements

Income statement

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Revenue $3.35B$2.67B$2.17B$1.62B$1.09B$673.1M$431.3M$302.8M$190.2M$125.7M
Cost of revenue $777.6M$618.2M$477.1M$362.8M$242.3M$150.3M$95.7M$59.7M$37.9M$27.5M
Gross profit $2.57B$2.05B$1.69B$1.25B$848.7M$522.8M$335.5M$243.2M$152.3M$98.2M
R&D $903.4M$672.5M$499.8M$350.8M$289.1M$174.7M$97.9M$62.0M$39.4M$33.6M
SG&A $308.9M$251.8M$212.1M$178.9M$151.7M$96.5M$73.6M$46.6M$31.1M$20.5M
Total operating expenses $2.71B$2.18B$1.81B$1.49B$1.18B$730.6M$449.5M$278.5M$186.9M$133.3M
Operating income -$133.3M-$128.5M-$121.5M-$234.6M-$327.4M-$207.8M-$114.0M-$35.3M-$34.6M-$35.1M
Interest expense $11.8M$9.5M$13.1M$6.5M$56.6M$53.4M$5.0M$0$0$597.0K
Pre-tax income -$17.1M-$18.3M-$29.2M-$182.6M-$383.6M-$257.2M-$112.7M-$27.9M-$32.3M-$34.6M
Income tax $46.0M$23.2M$28.5M$19.8M$6.6M$4.9M$2.4M$743.0K$1.3M$877.0K
Net income -$63.2M-$41.5M-$57.7M-$202.3M-$390.3M-$262.0M-$115.1M-$28.7M-$33.6M-$35.5M
EPS, basic -0.39-0.27-0.39-1.40-2.77-1.93-0.89-0.23——
EPS, diluted -0.39-0.27-0.39-1.40-2.77-1.93-0.89-0.23-0.63-1.54
Shares, diluted (wtd. avg.) 160.2M154.4M149.6M144.9M140.9M135.7M129.3M123.6M——

Balance sheet

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Cash and equivalents $928.4M$2.39B$1.42B$1.26B$1.01B$275.9M$141.9M$78.5M$136.1M$88.5M
Short-term investments —————$1.23B$1.23B$286.2M$163.0M$0
Receivables $1.15B$992.2M$736.5M$582.6M$399.7M$257.1M$147.6M$93.3M$61.6M$39.1M
Total current assets $5.03B$4.89B$3.40B$2.89B$2.26B$1.85B$1.58B$496.1M$387.2M$142.9M
Property, plant and equipment $753.0M$543.4M$383.1M$242.4M$160.6M$108.6M$75.7M$41.0M$19.8M$13.1M
Goodwill $1.22B$417.7M$417.0M$89.2M$78.5M$59.0M$30.1M$7.5M$0—
Other intangibles $214.4M$47.3M$63.8M$25.9M$31.8M$32.1M$24.0M$8.7M$0—
Total assets $7.87B$6.42B$4.70B$3.61B$2.83B$2.26B$1.83B$604.2M$447.8M$182.9M
Accounts payable $48.0M$46.9M$23.3M$18.5M$26.2M$12.5M$5.2M$6.2M$4.9M$3.8M
Total current liabilities $2.96B$2.43B$3.11B$1.54B$1.13B$720.2M$423.9M$261.9M$182.8M$120.5M
Long-term debt ——$1.14B$1.13B$968.7M$913.5M$861.6M———
Total liabilities $5.27B$4.62B$3.43B$2.88B$2.26B$1.73B$1.35B$295.6M$207.5M$133.1M
Retained earnings -$1.25B-$1.19B-$1.15B-$1.09B-$991.9M-$601.6M-$339.6M-$224.5M-$196.1M-$162.0M
Total equity $2.60B$1.80B$1.27B$725.1M$573.3M$528.9M$484.8M$308.6M$240.2M-$151.1M

Cash flow

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Operating cash flow $1.13B$972.5M$779.8M$462.3M$321.9M$202.0M$79.3M$58.0M$17.3M-$6.0M
Depreciation and amortisation $148.5M$104.4M$66.3M———————
Stock-based compensation $821.9M$661.4M$527.7M$444.8M$409.6M$258.5M$121.4M$46.4M$11.2M$9.9M
Capital expenditure $277.3M$164.3M$144.6M$97.2M$69.3M$48.2M$43.1M$25.5M$13.4M$7.8M
Investing cash flow -$2.65B-$427.0M-$683.2M-$259.3M$374.1M-$109.7M-$1.04B-$162.1M-$178.1M-$8.2M
Financing cash flow $62.4M$420.5M$64.2M$46.0M$41.3M$41.7M$1.02B$46.4M$208.4M$9.5M
Buybacks —————$0$0$22.0K$3.8M$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001713683-26-000157.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B 4B Revenue, FY2017: 125.7M Gross profit, FY2017: 98.2M Net income, FY2017: -35.5M Revenue, FY2018: 190.2M Gross profit, FY2018: 152.3M Net income, FY2018: -33.6M Revenue, FY2019: 302.8M Gross profit, FY2019: 243.2M Net income, FY2019: -28.7M Revenue, FY2020: 431.3M Gross profit, FY2020: 335.5M Net income, FY2020: -115.1M Revenue, FY2021: 673.1M Gross profit, FY2021: 522.8M Net income, FY2021: -262M Revenue, FY2022: 1.1B Gross profit, FY2022: 848.7M Net income, FY2022: -390.3M Revenue, FY2023: 1.6B Gross profit, FY2023: 1.3B Net income, FY2023: -202.3M Revenue, FY2024: 2.2B Gross profit, FY2024: 1.7B Net income, FY2024: -57.7M Revenue, FY2025: 2.7B Gross profit, FY2025: 2.1B Net income, FY2025: -41.5M Revenue, FY2026: 3.4B Gross profit, FY2026: 2.6B Net income, FY2026: -63.2M FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
Fiscal year FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue $125.7M $190.2M $302.8M $431.3M $673.1M $1.09B $1.62B $2.17B $2.67B $3.35B
Gross profit $98.2M $152.3M $243.2M $335.5M $522.8M $848.7M $1.25B $1.69B $2.05B $2.57B
Net income -$35.5M -$33.6M -$28.7M -$115.1M -$262.0M -$390.3M -$202.3M -$57.7M -$41.5M -$63.2M

Recent filings and events

  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed Form 10-K
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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MMTX Miluna Acquisition Corp $90.7M — —